A major milestone has been recorded in Ondo State’s industrialization drive as Backbone Infrastructure Ltd has successfully secured funding commitments exceeding $50 billion for a massive energy and trade development project in the state.
The secured funds are earmarked for the development of a 500,000 barrels-per-day (BPD) refinery and the adjacent Sunshine Free Trade Zone (FTZ), both slated for the Ilaje Local Government Area of the state.
The announcement signifies a major leap forward for Ondo State’s economic ambition, positioning it to become a pivotal hub in Nigeria’s downstream petroleum sector and a key gateway for international commerce.
The 500,000BPD capacity refinery, if completed, would be one of the largest single-train refineries in Africa, significantly boosting Nigeria’s domestic refining capacity and export potential.
This substantial financial commitment is expected to spur massive infrastructure development, job creation, and economic diversification in the state, leveraging its strategic coastline and oil reserves. The successful funding marks a critical victory for the state government’s efforts to attract large-scale private sector investment into the region.